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More than N50 stolen for every looted N10 recovered– EFCC



Last Updated on July 6, 2024 by Fellow Press

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has said that in 2022, Nigeria lost not less than $500 million to the activities of fraudsters popularly known as Yahoo Boys.

He also said that in the same year, about 71 international companies left Nigeria because fraudsters hacked their accounts.

Olukoyede said this while speaking at the occasion where the Global Peace Movement International (GPMI), an international organisation conferred him with the “Man of Valour” Award.

Speaking on the negative impact of internet crimes, Olukoyede said, “In 2022, we lost over $500million in our economy to yahoo boys. The statistics are there. In the same year, about 71 international companies left Nigeria because they hacked their accounts.

“We can’t get credit cards in Nigeria because of our poor credit rating because of the activities of these cyber criminals, so the best we can get is debit cards.

“Do you know that there are some international merchants that you cannot use Nigerian cards on their platforms?

“Display your Green Passport outside the country and see if they will not take you aside and search you thoroughly.”

Bewailing the scourge of corruption in the country, Olukoyede promised not to disappoint Nigerians and not to spare the corrupt.

According to him, for every N10 the EFCC recovers, more than N50 has been stolen and to recover that N10, there is a need for approximately N2.50k.

He therefore restated the commitment of his administration to the pursuit of preventive frameworks to tackle corruption.

He said, “We decided to go by the way of prevention and I set up a directorate of Fraud Risk Assessment and Control (FRAC).

“With this Directorate, we are going into MDAs and monitor real time the implementation of budgets. As money is being released, we will be tracking it.”

Olukoyede charged Nigerians to fully embrace the fight against economic and financial crimes in the overall interests of the nation.


Nigerians paid N721bn in cash bribes to govt officials in 2023 – NBS



Last Updated on July 12, 2024 by Fellow Press

A survey by the National Bureau of Statistics (NBS) has revealed that Nigerians paid a staggering N721 billion in cash bribes to public officials in 2023.

The survey, titled “Corruption in Nigeria: Patterns and Trends,” released on Thursday, July 11, revealed that over 95 percent of these bribes were in monetary form.

According to the report, there has been a decline in Nigerians’ confidence in the government’s anti-corruption efforts during the period under review.

The report stated, “Overall, it is estimated that a total of roughly N721 billion ($1.26 billion) was paid in cash bribes to public officials in Nigeria in 2023, corresponding to 0.35 percent of the entire Gross Domestic Product (GDP) of Nigeria.”

The report further revealed that bribes paid in a public official’s office and on the street accounted for approximately 35 percent and 36 percent of all bribes respectively while, 11 percent of bribes were paid in respondents’ own homes, while 7 percent occurred in public buildings such as restaurants, malls, or stations.

The report highlighted that healthcare professionals and public utility officers were the most frequent recipients of bribes, accounting for 30 percent and 24 percent of encounters respectively. Police officers followed closely with a contact rate of 20 percent

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Vice President Trump, President Putin Of Ukraine – Biden Goofs At NATO Summit



Last Updated on July 12, 2024 by Fellow Press

U.S. President Joe Biden had a series of verbal slip-ups on Thursday alongside the NATO summit in Washington, an unfortunate development for the 81-year-old as he tries to move past concerns that he is too old to run for re-election.

Verbal gaffes are not unusual in the long political career of Biden, who overcame a childhood stutter, but there is closer attention on him amid the fallout from his dismal debate performance against Republican candidate Donald Trump last month.

Trump, who is 78, and also has faced concerns about his age, frequently made false claims during the debate and often rambles during campaign speeches.

Below is a summary of Biden’s mistakes on Thursday.


Biden mistakenly referred to Ukrainian President Volodymyr Zelenskiy as “President Putin”.

“And now I want to hand it over to the president of Ukraine, who has as much courage as he has determination, ladies and gentlemen, President Putin,” Biden said at the NATO summit, drawing gasps from those in the room.

“Going to beat President Putin, President Zelenskiy. I am so focused on beating Putin,” Biden said while correcting himself.

During a news conference on Thursday evening, Biden mixed up the name of his vice president, Kamala Harris, and his rival Trump.

“Look, I wouldn’t have picked Vice President Trump to be vice president if she was not qualified to be president. So start there,” Biden said as he responded to a question from Reuters about his confidence in Harris.

Biden also struggled at the news conference to find the words “chiefs of staff,” mistakenly referring to the group of the country’s top uniformed military leaders as “commander in chief,” the title he holds as president.

“And so our military is working on following the advice of my commander in chief my, my, my, the chiefs of staff, of the military as well as the secretary of defense and our intelligence people.”

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